The Hindu Business Line : Pepper futures decline

Activities in the market were very slow because of the financial year ending. Indian parity on Tuesday was at $3,875-3,900 a tonne (c&f) and continued to remain competitive. Given the favourable situation demands are expected in the coming days. Orders from the Central government is expected on the announced reduction of CST from April 1, and that in turn would motivate genuine dealers to do some business, market sources told Business Line.

Vietnam was offering FAQ 500 GL at $3,400 a tonne (f.o.b.) and 550 GL at $3,575 a tonne (f.o.b.). Meanwhile, in Brazil the farmers were said to be reluctant to sell even though Vietnam was easier, an overseas report said. B Asta was being offered at $3,750-3,800 a tonne (f.o.b.), while B1 at $3,675-3,750 and B2 at $3,600 a tonne (f.o.b.).

Indonesian L Asta remained unchanged at $4,000-4,050 a tonne (f.o.b.). India was offering MG 1 at $3,950-4,050 a tonne (c&f) New York.

CONTRACT POSITION

April contract on NCDEX declined by Rs 47 a quintal on Tuesday to close at Rs 14,552. The drop in other contracts except September, was from Rs 42 to Rs 109 a quintal. September moved up by Rs 56 a quintal.

On NMCE April contract dropped by Rs 43 a quintal to close at Rs 14,469 from Rs 14,512. All the other contracts except July fell by Rs 22 to Rs 100 a quintal while July moved up by Rs 19 a quintal.

Total turn over on NCDEX fell by 1,379 tonnes to 5,720 tonnes while on NMCE it dropped by 716 tonnes to 562 tonnes.

Total open interest on NCDEX declined by 403 tonnes to 18,392 tonnes. April, May and June positions dropped by 42 per cent, 47 per cent and 8 per cent respectively.

Spot prices ruled steady at previous levels of Rs 14,100 (un-garbled) and Rs 14,700 (MG 1) a quintal on Tuesday.

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